3 Big Things Today, June 28, 2022
1. Soybean, Grain Futures Surge in Overnight Trading
Soybeans and corn jumped in overnight trading after a government report showed declining conditions for both crops in the U.S.
About 65% of soybeans were in good or excellent condition as of Sunday, the U.S. Department of Agriculture said in a report. A week earlier, 68% of the crop earned top ratings.
Sixty-seven percent of the corn crop was in good or excellent condition at the start of the week, down from 70% the previous week, the agency said.
Seven percent of the U.S. soybean crop was blooming as of Sunday, behind the prior five-year average of 11% for this time of the year. Four percent of corn was silking, on par with the average, the USDA said.
In wheat, the winter harvest rolls on with 41% now in the bin, up from 25% a week earlier and ahead of the average of 35%. Thirty percent of the winter-wheat crop was in good or excellent condition, unchanged from the previous week, the government said.
About 59% of the spring wheat crop earned top ratings, unchanged week-to-week.
Eight percent of the crop was headed, well behind the normal 34% for this time of the year, the USDA said in its report.
Chicago wheat yesterday hit the lowest price in four months, which led to some bargain hunting in the overnight session.
Soybean futures for November delivery surged 16 1/2¢ to $14.49 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal added 30¢ to $394.50 a short ton, while soybean oil futures rose 1.05¢ to 66.37¢ a pound.
Corn futures for December delivery were up 10 1/2¢ to $6.63 ½ a bushel.
Wheat for September delivery jumped 24¢ to $9.41 ½ a bushel while Kansas City futures gained 13 1/2¢ to $9.92 ¼ a bushel.**
2. Export Inspections Last Week Up Across the Board
Inspections of corn, beans and wheat for export were all higher week-to-week, according to the USDA.
Corn inspections were reported at 1.25 million metric tons in the seven days that ended on June 23, the agency said.
That's up from 1.19 million a week earlier and ahead of the 1.05 million tons that were assessed during the same week a year earlier.
Examinations of soybeans for offshore delivery increased to 468,309 metric tons from 428,322 tons the previous week, which was well ahead of the 111,250 tons assessed at the same point in 2021, the government said.
Wheat inspections last week came in at 352,404 metric tons, up from 348,309 the previous week and 291,043 a year earlier.
Since the start of the marketing year on Sept. 1, the USDA has inspected 47.4 million metric tons of corn for overseas delivery, down from 57 million tons during the same timeframe last year.
Bean assessments since the beginning of September are now at 51.4 million metric tons, down from 57.4 million at this time in 2021, the government said.
Wheat inspection since the start of the grain's marketing year on June 1 now stand at 1.34 million metric tons, just behind the 1.54 million tons examined during the same period a year earlier, the USDA said in its report.
3. Hot Weather Expected in Parts of Central Nebraska
Hot, dry weather in central Nebraska will create wildfire risks this week as temperatures rise and wind speeds increase, according to the National Weather Service.
Temperatures tomorrow and Thursday are forecast to top out at about 105 degrees Fahrenheit with wind gusts from 25 to 30 miles an hour ij the region, the NWS said in a report early this morning.
"The combination of low relative humidity values and breezy conditions will lead to the potential for elevated fire weather conditions in the western portions of the area," the agency said.
In northern Illinois and southern Wisconsin, meanwhile, some scattered thunderstorms are possible tonight, though sever weather isn't expected.
Storms also are expected in parts of southern Michigan, mostly after 8 p.m. tonight, with the biggest risk being strong wind gusts forecast to top out at about 50 miles an hour, the NWS said.